Global Tire Market to Exhibit High Growth During the Forecast Period of 2017 – 2022

According to a new report by Expert Market Research, the global tire market reached a volume of 2.9 Billion Units in 2016 and is further expected to reach 3.6 Billion units by 2022.

Tire is part of a vehicle in the shape of a ring which covers the rim of the wheel. It is manufactured mainly with rubber, carbon black and other chemical compounds. Majority of the tires are pneumatic tires which are filled with compressed air to form an inflated cushion and are used in various types of vehicles such as bicycles, cars, bikes, trucks, buses, heavy equipment and aircraft. They provide a flexible cushion to absorb shock along with protection and enhancement of the vehicle to give better performance.

Currently, many varieties of tires are available in the market which include high performance tires, mud tires, all-season tires, all-terrain tires, light trailer tires, run-flat tires, off the road tires, etc. According to a new report by Expert Market Research, the global tire market reached a volume of 2.9 Billion Units in 2016 and is further expected to reach 3.6 Billion units by 2022.

A significant rise in the production of tires has been witnessed during 2009-2016 as a result of the growing automobile industry. The sales of commercial and passenger vehicles have majorly increased in the developing countries. The rising demand for high performance and low-profile tires, low rolling resistance tires, technology advanced smart tires, and eco-friendly tires with better fuel economy have also stimulated the tire market. Moreover, urbanization, rising population, increasing disposable incomes, changing lifestyles along with a strong demand from emerging markets are some of the other factors that have facilitated the market growth.

The major end-uses of tire include passenger car or light truck, commercial tires (trucks) and commercial tires (off-highway). In 2016, passenger car or light truck represented the largest end-use segment with the majority of the market share.

The global tire market is segmented as OEM and replacement market. The replacement market dominated in 2016 with around a seventh of the share.

Region-wise, China dominated the market with a share of nearly half of the total global production in 2016. It was followed by Europe, US, Japan and India.

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